The federal Government has commenced implementation of an automatic 40 per cent deduction of internally generated revenue (IGR) of federal universities and other partially funded public institutions across the country.
The directive for deduction is contained in a circular issued by the ministry of finance, budget and national planning marked FMFBNP/OTHERS/IGR/CRF/12/2021, dated December 20, 2021.
The circular limits yearly budgetary expenditure from IGR of partially funded federal government-owned varsities.
This was contained in a letter dated October 17, 2023, and titled ‘Implementation of 40 per cent automatic deduction from internally generated revenue of partially funded federal government institutions’ by the accountant-general of the federation, Oluwatoyin Madein, to the universities and signed by director of revenue and investment, office of the accountant-general of the federation, Mr Felix Ore-Ofe Ogundairo.
